Fidelis takes an equity stake in new SME surety MGA Firestone Surety
Bermuda-based Fidelis has taken an equity stake in SME surety MGA Firestone Surety and will provide underwriting capacity. Firestone will be managed through Pine Walk Capital, Fidelis’ MGA platform.
Andy Ray will run Firestone. Ray has over 30 years of experience working in the surety industry. In 2008 he formed Kerry London’s surety broking division and he has worked as its managing director since then.
Ray began working in surety with College Hill Underwriters and worked to forge an underwriting relationship with trade credit insurance group Euler Hermes, which Allianz recently announced its intentions to buy up all remaining shares in.
Fidelis Underwriting chief executive officer Dan Burrows said: “We are delighted to have joined forces with Andy furthering our strategy to sponsor specialist underwriting products. Having someone of Andy’s calibre join our MGA platform is a testament to the appeal that Pine Walk represents to talented niche underwriters looking to launch their own agency.”
Ray added: “I am pleased to partner with Fidelis and Pine Walk in forming this new MGA. There is a clear need for new capacity in the SME sector, supporting the bonding needs of main and sub-contractors.”